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Falana Rejects Soludo’s Defence on Allocation of $7bn to 14 Banks




A human rights lawyers, Mr. Femi Falana, wednesday rejected the defence of the former Central Bank of Nigeria (CBN) Governor, Prof. Charles Soludo, on how the apex bank under his leadership removed $7 billion from the country’s foreign reserves and doled out it to 14 commercial banks.

Falana, a Senior Advocate of Nigeria (SAN), demanded whether the commercial banks that benefitted from $7 billion, which the former CBN governor said was deposited in the banks on October 3, 2006.

He made the demand in a statement he issued yesterday, saying Soludo’s demand for apology “is a joke since it was the CBN under him that claimed to have given its own share of $7 billion to the 14 banks.”

In the statement which he personally signed, Falana described Soludo’s demand for apology as baseless, noting that it was the CBN under his leadership that issued a statement on October 3, 2006 to the effect that the $7 billion had been released to the 14 banks.

The senior advocate said Soludo confirmed that the CBN management actually issued the statement, though claimed that Soludo “has turned round to say that it was a deposit and not a loan.

“So the $7 billion transaction is no longer a lie emanating from me! But in a display of empty arrogance, Soludo proceeded to accuse me of exhibiting ignorance by referring to the deposit placed in the 14 banks as a loan.

“Soludo never disclosed the terms of the deposit of the sum of $7 billion and when the principal sum and the accrued interests were paid back to the nation’s foreign reserves,” he explained.

He added that it was the management of the CBN that claimed “to have released to the 14 banks its own “share” of $7 billion from the foreign reserves estimated at $38 billion at the material time.

“The CBN never stated that it had fixed $500 million in each of the 14 banks, but that it had released a total of $7 billion of its own “share” of the fund. Is Soludo insisting that CBN under his management was entitled to any share of the nation’s foreign reserves?

“In any case, whether it was a deposit or its own “share” of the foreign reserves, did the CBN ever announce that the deposit had been paid back to the foreign reserves which belong to the three tiers of government of Nigeria?”

Meanwhile, Falana last night condemned the decision to suspend the Chairman of the House of Representatives Committee on Appropriation, Hon Jubrin Abdulmumin, from the House, saying the decision will not stand.

Falana who is also Abdulmumin’s lawyer said: “It is a primitive resort to self by the House. Since the matter is in court the House deliberately breached its rule of not interfering with pending judicial proceedings.

“In his desperation to cover up the scandal the Speaker, Hon. Yakubu Dogara, made himself the accuser, witness, prosecutor and judge at the same time and thereby breached the elementary rule of nemo judex in causa sua (thou shall not be a judge in your own cause).

“In view of the ongoing investigation by the police and the EFCC of the serious allegations of corrupt practices, fraud and money laundering levelled against the Speaker by Jibrin, the suspension has made a mockery of the anti-corruption war of the Buhari administration. It is a decision that will not stand,” he argued.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Obaseki Wins Edo State With a Landslide Victory



Governor Godwin Obaseki has now won the remaining Local Government, Ovia South-West Local Government.

Here is a break down of Ovia South-West’s final result. APC recorded 10, 636 votes while PDP amassed 12, 659.

Total valid votes stood at 23,741 with 743 votes rejected and 24,484 votes cast.

Overall, Obaseki won a total of 13 local governments out of 18, while Ize-Iyamu wins 5. See the details below.

Local Government APC  PDP 
Igueben  5,199  7,870 
Esan North-East  6,556  13,579 
Esan Central  6,719  10,794 
Ikpoba-Okha  18,218  41,030 
Uhunmwonde  5,972  10,022 
Egor  10,202  27,621 
Owan East  19,295  14,762 
Owan West  11,193  11,485 
Esan South East  9,237  10,565 
Ovia North-West  9,907  16,987 
Etsako West  26,140  17,959 
Ovia South-West 10,636 12,659
Oredo  18,365  43,498 
Esan West  7,189  17,434 
 Akoko Edo 22,963 20,101
 Etsako East 17,011 10,668
 Etsako Central  8,359 7,478
Orhionmwon 10,458 13,445


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Obaseki Beats Ize-Iyamu in His Local Government to Extend Lead



Godwin Obaseki Wins Ize-Iyamu Local Government to Extend Lead

Governor Godwin Obaseki has won Orhionmwon Local Government Area to extend his lead over Pastor Osagie Ize-Iyamu of the All Progressives Congress.

Pastor Ize-Iyamu, who hails from Orhionmwon, won his polling unit but failed to win the entire council area as Obaseki wins again.

Orhionmwon was one of the two remaining local governments. Therefore, it now remains one local government area, Ovia South-West, with Obaseki cruising to victory following 17 LG counts.

Obaseki now has 295,296 votes while Ize-Iyamu has 212,983.

Obaseki is no expected to win Saturday’s governorship election after amassing massive votes across each of the 17 local governments counted.

The remaining local government, Ovia South-West has 73,909 voters, below the over 80,000 lead of Godwin Obaseki.

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Obaseki, PDP Members Celebrate Potential Win in Situation Room




Obaseki Celebrates With Other PDP Members in Situation Room

Following the strong positive support received from Edo people as shown by almost 90,000 vote gap received over Osagie Ize-Iyamu after 16 local government counts, the executive governor of Edo State, Gowin Obaseki, and the Peoples Democratic Party (PDP) members have started celebrating a potential win ahead of the two remaining local government results.

According to the results of the 16 local governments released by the Independent National Electoral Commission (INEC), Obaseki received 288,572 votes while the candidate of the All Progressives Congress, Pastor Osagie Ize-Iyamu, received 202,525 votes.

With just two local governments left to go, it is safe to say Obaseki has won this particular election again.

Pastor Osagie Ize-Iyamu contested against Governor Obaseki four years ago under the Peoples Democratic Party when Obaseki was the gubernatorial candidate of All Progressives Congress before he fell out with his godfather, Adams Oshiomhole.

If wins, Obaseki will be the first gubernatorial candidate to win two elections under the two major parties within four years and vice versa for Ize-Iyamu.

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